Can someone access my data after I removed my lost iPhone from iCloud?

I lost my phone & the recipient got access to my passcode. I have since gotten a new and regained access to my icloud. I wasnt able to erase the old one but I did remove from my account. What all will they have access to in the old phone not that they no longer have access to my icloud or do they?

[Re-Titled by Moderator]

Original Title: Lost phone